At a glance

About the product

Metronome is trying to build a cross-blockchain cryptocurrency for the first time that can transfer values across different blockchains. Optimistically, this is a very potent idea. It aims to overcome price volatility on the cryptocurrency market, isolation of different blockchains and low transaction speed. The team is building its strategy based on self-governance, reliability, and portability.

Self-Governance: MTN tokens will be managed by its user community, with the system managed by autonomous smart contracts. There will be no third party with any special privileges either within the system or in the MTN marketplace.

Reliability: Metronome was architected to provide rapid market price discovery, prioritize predictability and provide a steadiness to the MTN token supply over time.

Portability: Metronome’s cross-blockchain capability uses a proof-of-exit receipt when users leave one blockchain, which enables them to enter another. The MTN token will be issued first on the Ethereum network, with Ethereum Classic, Rootstock on Bitcoin and Qtum support expected to follow. This will allow users to select the blockchain that suits their requirements for governance and security, or even upgrade the MTN contract if needed.

Type of ICO: Cross blockchain cryptocurrency

WhitePaper

A Metronome token, labeled MTN, is Ethereum-compliant. The initial token supply is set at 10 million, with 80% distributed via a reverse auction. Unlike other tokens, the supply is not fixed or limited. The initial price is set at 2 ETH, and the price will gradually reduce for a week until all 8 million tokens are used. New tokens will then be issued indefinitely on a daily basis at a rate of around 2,880 MTN per day. A detailed explanation is given in the tokenomics section.

The whitepaper does not contain enough technical details about how the project will be implemented and looks more like a list of new features than a roadmap. They are not really building a blockchain, but planning to launch on Ethereum, Ethereum Classic, Rootstock, and Qtum.

Rating: 7/10

Team

The Metronome project is being implemented by BloqLabs, a talented team of blockchain developers, early adopters, and venture capitalists. The key specialists Jeff Garzik and Peter Vassenes have a multi-year experience in the bitcoin market.

The core team consists of 15 people, including blockchain engineers, data scientists and a chief cryptographer (Vessenes). The founders of the project will no longer control the project after the ICO, so it is unclear on how future development will be funded.

Rate: 7.5/10

Advisors

Six advisers and a list of partners that includes Jaxx, New Alchemy, and Smith + Crown.

Gustav Simonsson: Orchid Labs Co-founder & Former Ethereum Core Dev

Jim Newsome: Delta Strategy & Former CFTC Chairman

Don Tapscott: Blockchain Research Institute

Vinny Lingham: Civic

Don Wilson: DRW

William Mougayar: Token Summit

Rate: 7.5/10

Tokenomics

Initial token supply: 10,000,000

Available for public sale: 8,000,000

Other 2,000,000 tokens for the authors of Metronome locked for a period of 3 years.

The Initial supply auction will last up to a week, with 8 million MTN available for purchase. The starting price in the initial supply auction will be (an intentionally high) 2 ETH per MTN, and will gradually decrease by 0.0001984320568 ETH every 60 seconds toward its (intentionally low) floor price of 0.0000033 ETH, as long as the auction is open and there are still MTN available for purchase.

So market price is discovered via a descending price auction.

Should a purchaser deem a given price too high or unfair, they can wait for the price to descend to a level they agree with and purchase then — provided there is supply left

After the token sale, around 2880 MTN tokens will be created on a daily basis and sold through auctions indefinitely. This type of tokenomics is quite new and can be very confusing for the average investors. Since there is no “fixed” crowdsale price, it’s really difficult to predict the correct valuation of the company. But keep in mind they will probably have a very low number of coins (around 16 million after 5 years from the ICO date). There is a vesting period for the 75% of the team tokens.

Rate: 8.5/10

Timeline

Activity

Metronome has been the center of attention on Bitcoin talk with a lot of buzz around it. We could find that people are excited about this project and are looking forward to it. Although the number of posts on it was low, the reads it generated was off the charts. Their facebook had about 55 posts and 1371 followers at the time of writing with an average rating of 4.7/5. They have a following of whopping 7468 members on twitter with 165 tweets in all. There are 18,000 members on the telegram channel but the community is inactive, not something which one would expect with such figures.

Rate: 8/10

Concerns

Chain dependence (e.g., chain mutability or chain denial of service): as the first cross-chain cryptocurrency, Metronome was built to help mitigate this issue.

Immutable bugs: Though the code has been thoroughly audited by independent parties, there is always this possibility that a bug may be immutable or need to be worked around. Metronome technology to move coins across blockchain is new and has not been stress tested. There is potential for coins being lost when the Metronome system is used, in addition, each time a network makes a new release the chance of an error in the traversal from one blockchain to another increase

Contract attacks: Two categories of contract attacks are: (1) technical, which exploits some attribute of the contract’s bytecode-defined EVM behavior and (2) economic, where attacks induce unintended behavior from the contract functioning as designed.

Conclusion

The idea is unique. It will definitely be a currency to watch out for if implemented right. It’s really exciting to think of one single currency that can transfer values over different blockchains. As interesting as it may sound, implementing such projects are never easy and often come with a lot of unforeseen troubles. A slight mistake is all it takes to derail the currency and the ecosystem. A common investor in this space would not understand the workings of the coin exchange of Metronome.

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